Presented by Plante & Moran, PLLC May 16, 2009 The New Form 990  Board Responsibility
Form 990 Redesign <ul><li>Overview of Redesign </li></ul><ul><ul><li>Old Form 990 included 9 pages, 2 schedules and 36 pot...
Focus of Redesign <ul><li>Focus of Redesign to Increase Reporting Related to: </li></ul><ul><ul><li>Governance </li></ul><...
<ul><li>The Form 990 Redesign is Based on Three Guiding Principles   </li></ul><ul><ul><li>Enhancing transparency to provi...
<ul><li>Part I - Summary </li></ul><ul><ul><li>Mission or significant activity </li></ul></ul><ul><ul><li>Snapshot of the ...
<ul><li>Part IV – Checklist of Required Schedules </li></ul><ul><ul><li>Review these items carefully to determine which sc...
<ul><li>Part V – Other IRS Filings </li></ul><ul><ul><li>Alerts organizations to other potential tax compliance and filing...
<ul><li>Part VI – Governance, Policies and Disclosure </li></ul><ul><ul><li>Added to identify potential compliance issues ...
<ul><li>Part VI – Governance, Policies and Disclosure </li></ul><ul><ul><li>Questions whether a copy of the Form 990 was p...
<ul><li>Part VII - Executive Compensation </li></ul><ul><ul><li>Moves reporting of compensation of highly compensated empl...
<ul><li>Part VII - Executive Compensation </li></ul><ul><ul><li>Instructions provide a chart of where to report items of c...
<ul><li>Part VIII - Revenue Statement </li></ul><ul><ul><li>Combined Revenue section with Analysis of Income Producing Act...
<ul><li>Part IX – Functional Expense Statement </li></ul><ul><ul><li>Revised lines to reflect most frequently incurred exp...
<ul><li>Part X - Balance Sheet </li></ul><ul><ul><li>Eliminated schedule for Other Notes and Loans Receivable and Other Mo...
<ul><li>Part XI – Financial Statements and Reporting </li></ul><ul><ul><li>Accounting method </li></ul></ul><ul><ul><li>Au...
<ul><li>Schedule A - Public Charity Status </li></ul><ul><li>Schedule B – Contributors </li></ul><ul><li>Schedule C – Poli...
<ul><li>Form 990 Schedule B – Contributors </li></ul><ul><ul><li>No significant changes </li></ul></ul><ul><ul><li>Additio...
<ul><li>Supplemental Financial Statements </li></ul><ul><ul><li>Details for Balance Sheet line items </li></ul></ul><ul><u...
<ul><li>Form 990 Schedule F – Foreign Activities </li></ul><ul><ul><li>Enhanced reporting – revenue/expense from foreign a...
<ul><li>Fundraising </li></ul><ul><ul><li>Threshold of $15,000 gross receipts </li></ul></ul><ul><ul><li>Concern over how ...
<ul><li>Hospitals </li></ul><ul><ul><li>New and includes charity care and community benefit, billing, operations, related ...
<ul><li>Grants to Organizations, Governments, and Individuals </li></ul><ul><ul><li>New threshold of $5,000 for grants to ...
<ul><li>Executive Compensation </li></ul><ul><ul><li>Reporting thresholds: </li></ul></ul><ul><ul><ul><li>$10,000 paid to ...
<ul><li>Executive Compensation </li></ul><ul><ul><li>Key employees should not be listed unless they: </li></ul></ul><ul><u...
<ul><li>Executive Compensation </li></ul><ul><ul><li>Questions regarding compensation </li></ul></ul><ul><ul><ul><li>First...
<ul><li>Executive Compensation </li></ul><ul><ul><li>More detailed reporting </li></ul></ul><ul><ul><ul><li>Breakdown of F...
<ul><li>Tax Exempt Bonds </li></ul><ul><ul><li>Resulting from results of IRS Tax Exempt Bond Compliance Initiative  </li><...
<ul><li>Transactions with Interested Persons </li></ul><ul><ul><li>New term “Interested Persons” – different definition fo...
<ul><li>Transactions with Interested Persons </li></ul><ul><ul><li>Part III, Grants/Assistance Benefiting Interested Perso...
<ul><li>Transactions with Interested Persons </li></ul><ul><ul><li>Part IV, Business Transactions Involving Interested Per...
<ul><li>Noncash Contributions </li></ul><ul><ul><li>Organizations with more than $25,000 of noncash contributions or organ...
<ul><li>Termination or Significant Disposition of Assets </li></ul><ul><ul><li>Organizations that cease operations or disp...
<ul><li>Supplemental Information </li></ul><ul><ul><li>Form to report additional information </li></ul></ul><ul><ul><li>Up...
<ul><li>Related Organizations and Unrelated Partnerships </li></ul><ul><ul><li>Report disregarded entities and controlled ...
<ul><li>Related Organizations and Unrelated Partnerships </li></ul><ul><ul><li>Consolidates the reporting for the various ...
What Steps Should Your Organization Take Now? <ul><li>Become familiar with the new form and its application to your organi...
What Steps Should Your Organization Take Now? <ul><li>Review compensation procedures relative to Schedule J </li></ul><ul>...
Now for the Fine Print… <ul><li>Absence of Federal Tax Penalty Protection </li></ul><ul><li>The Internal Revenue Service r...
Carol LaLonde, CPA 750 Trade Center Way, Portage MI Phone #269-567-4587 Thank You!
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CHC Finance: Using the New IRS 990 Form

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The Form 990 Redesign is Based on Three Guiding Principles...

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CHC Finance: Using the New IRS 990 Form

  1. 1. Presented by Plante & Moran, PLLC May 16, 2009 The New Form 990 Board Responsibility
  2. 2. Form 990 Redesign <ul><li>Overview of Redesign </li></ul><ul><ul><li>Old Form 990 included 9 pages, 2 schedules and 36 potential attachments </li></ul></ul><ul><ul><li>Redesigned version includes Core Form (11 pages) and 16 Schedules </li></ul></ul><ul><ul><li>New Schedules include officer/key employee compensation, foreign activities, hospitals, tax-exempt bonds, non-cash contributions </li></ul></ul><ul><ul><li>Instructions include a 26-page Glossary with definitions, and an Appendix with 26 pages of special instructions </li></ul></ul>
  3. 3. Focus of Redesign <ul><li>Focus of Redesign to Increase Reporting Related to: </li></ul><ul><ul><li>Governance </li></ul></ul><ul><ul><li>Executive compensation </li></ul></ul><ul><ul><li>Related organizations </li></ul></ul><ul><ul><li>Fundraising practices </li></ul></ul><ul><ul><li>Hospitals’ amount of community benefit </li></ul></ul>
  4. 4. <ul><li>The Form 990 Redesign is Based on Three Guiding Principles </li></ul><ul><ul><li>Enhancing transparency to provide the IRS and the public with a realistic picture of the organization. </li></ul></ul><ul><ul><li>Promoting compliance by accurately reflecting the organization's operations so the IRS may efficiently assess the risk of noncompliance. </li></ul></ul><ul><ul><li>Minimizing the burden of filing organizations. </li></ul></ul>Guiding Principles
  5. 5. <ul><li>Part I - Summary </li></ul><ul><ul><li>Mission or significant activity </li></ul></ul><ul><ul><li>Snapshot of the numbers: </li></ul></ul><ul><ul><ul><li>Number of board members, employees & volunteers </li></ul></ul></ul><ul><ul><ul><li>Revenue and expense totals, current & prior year </li></ul></ul></ul><ul><ul><ul><li>Asset and liability totals, current & prior year </li></ul></ul></ul><ul><ul><li>Executive compensation and fundraising ratios removed from final draft </li></ul></ul>Form 990 Core Overview
  6. 6. <ul><li>Part IV – Checklist of Required Schedules </li></ul><ul><ul><li>Review these items carefully to determine which schedules must be completed </li></ul></ul><ul><ul><li>Some questions will require referring to other parts of the form, or to the glossary for definitions </li></ul></ul>Form 990 Core Overview
  7. 7. <ul><li>Part V – Other IRS Filings </li></ul><ul><ul><li>Alerts organizations to other potential tax compliance and filing obligations </li></ul></ul><ul><ul><ul><li>Tax shelters </li></ul></ul></ul><ul><ul><ul><li>Electronic filing requirement </li></ul></ul></ul><ul><ul><ul><li>Gambling winnings </li></ul></ul></ul><ul><ul><ul><li>UBI </li></ul></ul></ul><ul><ul><ul><li>Proper substantiation of donations </li></ul></ul></ul><ul><ul><ul><li>Foreign bank accounts </li></ul></ul></ul>Form 990 Core Overview
  8. 8. <ul><li>Part VI – Governance, Policies and Disclosure </li></ul><ul><ul><li>Added to identify potential compliance issues resulting from governance and management practices; IRS has informally indicated that “no” answers could lead to compliance checks or possibly audits </li></ul></ul><ul><ul><li>Inquires about number of “independent” members of governing body; final instructions provide detailed definition of “independent” </li></ul></ul><ul><ul><li>Includes the question on family/business relationships between officers, directors, trustees, key employees; “reasonable effort” must be made to obtain this information – for example, an annual questionnaire </li></ul></ul>Form 990 Core Overview
  9. 9. <ul><li>Part VI – Governance, Policies and Disclosure </li></ul><ul><ul><li>Questions whether a copy of the Form 990 was provided to the governing body before it was filed, and requires description of review process </li></ul></ul><ul><ul><li>More detail about conflict of interest policy </li></ul></ul><ul><ul><li>Questions regarding process for determining executive compensation </li></ul></ul><ul><ul><li>Questions regarding transparency and disclosure </li></ul></ul><ul><ul><li>Final instructions indicate that a “reasonable effort” must be made to obtain information for lines 1b and 2 </li></ul></ul><ul><ul><li>Policies should be adopted by year-end to answer “yes” </li></ul></ul>Form 990 Core Overview
  10. 10. <ul><li>Part VII - Executive Compensation </li></ul><ul><ul><li>Moves reporting of compensation of highly compensated employees and independent contractors from Schedule A to core form, which extends reporting requirement to all NFP organizations; threshold raised to $100,000 </li></ul></ul><ul><ul><li>Final instructions indicate that a “reasonable effort” must be made to obtain compensation data from related organizations </li></ul></ul><ul><ul><li>Adopts concept of “reportable compensation” as shown on Form W-2 or 1099, resulting in better comparability of data; includes compensation from related organizations if more than $10,000 </li></ul></ul>Form 990 Core Overview
  11. 11. <ul><li>Part VII - Executive Compensation </li></ul><ul><ul><li>Instructions provide a chart of where to report items of compensation </li></ul></ul><ul><ul><li>Indicates for whom additional information must be provided on Schedule J </li></ul></ul><ul><ul><li>Key employees should not be listed unless they: </li></ul></ul><ul><ul><ul><li>Receive compensation of more than $150,000; </li></ul></ul></ul><ul><ul><ul><li>Have organization-wide control or responsibility for at least 10% of the organization’s activities; and </li></ul></ul></ul><ul><ul><ul><li>Are within the top 20 persons who meet the first two tests. </li></ul></ul></ul>Form 990 Core Overview
  12. 12. <ul><li>Part VIII - Revenue Statement </li></ul><ul><ul><li>Combined Revenue section with Analysis of Income Producing Activities to eliminate redundancy </li></ul></ul><ul><ul><li>Eliminated use of Exclusion Codes for revenue excluded from tax under sections 512,513 or 514 </li></ul></ul><ul><ul><li>Membership dues are now classified either as contributions or program service revenue </li></ul></ul><ul><ul><li>Eliminated schedules for Other Investment Income, Sales of Inventory, and Sales of Assets Other than Inventory </li></ul></ul><ul><ul><li>More detail on several items – investment of tax-exempt bond proceeds, gaming revenue, fundraising events </li></ul></ul>Form 990 Core Overview
  13. 13. <ul><li>Part IX – Functional Expense Statement </li></ul><ul><ul><li>Revised lines to reflect most frequently incurred expenses </li></ul></ul><ul><ul><li>Added Payments to Affiliates which was previously included in Part I Expenses </li></ul></ul><ul><ul><li>Compensation is to be reported using the organization’s accounting method and period rather than conforming to W-2 reporting </li></ul></ul><ul><ul><li>Some expense line items more prominent: travel expense for government officials, breakdown of grant amounts, etc. </li></ul></ul><ul><ul><li>Eliminated some schedules: depreciation (including Form 4562) – keep records to substantiate amounts </li></ul></ul>Form 990 Core Overview
  14. 14. <ul><li>Part X - Balance Sheet </li></ul><ul><ul><li>Eliminated schedule for Other Notes and Loans Receivable and Other Mortgages and Notes Payable </li></ul></ul><ul><ul><li>Created Schedule L to provide detail on receivables from and payables to insiders </li></ul></ul><ul><ul><li>Created Schedule D to consolidate schedules for other items </li></ul></ul>Form 990 Core Overview
  15. 15. <ul><li>Part XI – Financial Statements and Reporting </li></ul><ul><ul><li>Accounting method </li></ul></ul><ul><ul><li>Audit and oversight, e.g. audit of financial statements, existence of audit committee </li></ul></ul><ul><ul><li>Existence of A-133 audit requirement </li></ul></ul>Form 990 Core Overview
  16. 16. <ul><li>Schedule A - Public Charity Status </li></ul><ul><li>Schedule B – Contributors </li></ul><ul><li>Schedule C – Political Campaign and Lobbying Activities </li></ul><ul><li>Enhanced to gather more information on these types of activities </li></ul><ul><ul><li>Combines questions by type of entity in one Schedule </li></ul></ul><ul><li>Schedule D – Supplemental Financial Statements </li></ul><ul><li>Schedule E – Schools </li></ul>Form 990 Schedules
  17. 17. <ul><li>Form 990 Schedule B – Contributors </li></ul><ul><ul><li>No significant changes </li></ul></ul><ul><ul><li>Additional clarifying information on reporting contributions from governmental units, and contributions of securities </li></ul></ul><ul><li>Form 990 Schedule C – Political Campaign and Lobbying Activities </li></ul><ul><ul><li>Enhanced to gather more information on these types of activities </li></ul></ul><ul><ul><li>Combines questions by type of entity in one Schedule </li></ul></ul>Form 990 Schedules B & C
  18. 18. <ul><li>Supplemental Financial Statements </li></ul><ul><ul><li>Details for Balance Sheet line items </li></ul></ul><ul><ul><li>Conservation Easements </li></ul></ul><ul><ul><li>Donor Advised Funds </li></ul></ul><ul><ul><li>Museum Collections </li></ul></ul><ul><ul><li>Endowment Funds </li></ul></ul><ul><ul><li>FIN 48 disclosures – include verbatim </li></ul></ul><ul><ul><li>Reconciliation of Net Assets </li></ul></ul><ul><ul><li>Reconciliation of Revenue & Expenses to Financial Statements </li></ul></ul>Form 990 Schedule D
  19. 19. <ul><li>Form 990 Schedule F – Foreign Activities </li></ul><ul><ul><li>Enhanced reporting – revenue/expense from foreign activities > $10,000, or foreign grants > $5,000 </li></ul></ul><ul><ul><li>Report activities by region rather than country to protect organization’s employees and volunteers </li></ul></ul><ul><ul><li>Grants to foreign organizations and individuals – IRS is interested in whether records are maintained to substantiate amounts, eligibility, selection criteria, diversion of assets </li></ul></ul><ul><ul><li>Be sure to consider due diligence requirements </li></ul></ul>Form 990 Schedule F
  20. 20. <ul><li>Fundraising </li></ul><ul><ul><li>Threshold of $15,000 gross receipts </li></ul></ul><ul><ul><li>Concern over how much fundraising actually benefits organization </li></ul></ul><ul><ul><li>More detail regarding use of professional fundraisers, relationships with professional fundraisers, and financial information for special events </li></ul></ul><ul><ul><li>More detailed financial information for gaming, as well as questions to determine compliance with gaming rules </li></ul></ul>Form 990 Schedule G
  21. 21. <ul><li>Hospitals </li></ul><ul><ul><li>New and includes charity care and community benefit, billing, operations, related entities, locations, etc. </li></ul></ul><ul><ul><li>For 2008, only Part V, Facilities Information, must be completed </li></ul></ul><ul><ul><li>For 2009, all parts must be completed </li></ul></ul>Form 990 Schedule H
  22. 22. <ul><li>Grants to Organizations, Governments, and Individuals </li></ul><ul><ul><li>New threshold of $5,000 for grants to organizations and governments </li></ul></ul><ul><ul><ul><li>Need to report more information including EIN and type of NFP organization </li></ul></ul></ul><ul><ul><li>Reporting for assistance to individuals includes number of recipients and non-cash assistance, but not names </li></ul></ul>Form 990 Schedule I
  23. 23. <ul><li>Executive Compensation </li></ul><ul><ul><li>Reporting thresholds: </li></ul></ul><ul><ul><ul><li>$10,000 paid to former trustee </li></ul></ul></ul><ul><ul><ul><li>$100,000 paid to former officer or highly compensated employee </li></ul></ul></ul><ul><ul><ul><li>$150,000 paid to current officer, trustee, highly compensated employee </li></ul></ul></ul><ul><ul><ul><li>Any person listed in Part VII, Section A received compensation from an unrelated organization for services rendered to the organization </li></ul></ul></ul>Form 990 Schedule J
  24. 24. <ul><li>Executive Compensation </li></ul><ul><ul><li>Key employees should not be listed unless they: </li></ul></ul><ul><ul><ul><li>Receive compensation of more than $150,000; </li></ul></ul></ul><ul><ul><ul><li>Have organization-wide control or responsibility for at least 10% of the organization’s activities; and </li></ul></ul></ul><ul><ul><ul><li>Are within the top 20 persons who meet the first two tests. </li></ul></ul></ul>Form 990 Schedule J
  25. 25. <ul><li>Executive Compensation </li></ul><ul><ul><li>Questions regarding compensation </li></ul></ul><ul><ul><ul><li>First class travel, club dues, housing allowance, personal services, etc. </li></ul></ul></ul><ul><ul><ul><li>Determination of reasonable compensation </li></ul></ul></ul><ul><ul><ul><li>Severance payments & non-fixed compensation </li></ul></ul></ul><ul><ul><ul><li>Policies regarding establishing compensation, expense reimbursement </li></ul></ul></ul>Form 990 Schedule J
  26. 26. <ul><li>Executive Compensation </li></ul><ul><ul><li>More detailed reporting </li></ul></ul><ul><ul><ul><li>Breakdown of Form W-2 and 1099 </li></ul></ul></ul><ul><ul><ul><li>Nontaxable benefits </li></ul></ul></ul><ul><ul><ul><li>Deferred compensation </li></ul></ul></ul><ul><ul><ul><ul><li>Reporting for prior year amounts also </li></ul></ul></ul></ul><ul><ul><ul><li>Based on calendar year rather than fiscal year </li></ul></ul></ul><ul><ul><ul><li>Amounts paid by reporting organization and related organizations </li></ul></ul></ul>Form 990 Schedule J
  27. 27. <ul><li>Tax Exempt Bonds </li></ul><ul><ul><li>Resulting from results of IRS Tax Exempt Bond Compliance Initiative </li></ul></ul><ul><ul><li>More detailed reporting </li></ul></ul><ul><ul><ul><li>Issuance of greater than $100,000 </li></ul></ul></ul><ul><ul><ul><li>Use of proceeds </li></ul></ul></ul><ul><ul><ul><li>Private use </li></ul></ul></ul><ul><ul><ul><li>Arbitrage </li></ul></ul></ul><ul><ul><li>Transitional relief: Only Part I required for 2008 </li></ul></ul>Form 990 Schedule K
  28. 28. <ul><li>Transactions with Interested Persons </li></ul><ul><ul><li>New term “Interested Persons” – different definition for each Part </li></ul></ul><ul><ul><li>Part II, Loans to/from Interested Persons: </li></ul></ul><ul><ul><ul><li>Current or former officers, directors, trustees, key employees, top five compensated employees (new three-prong test for “key employees”) </li></ul></ul></ul><ul><ul><ul><li>Disqualified persons – substantial contributors or their family </li></ul></ul></ul>Form 990 Schedule L
  29. 29. <ul><li>Transactions with Interested Persons </li></ul><ul><ul><li>Part III, Grants/Assistance Benefiting Interested Persons: </li></ul></ul><ul><ul><ul><li>Current or former officer, director, trustee, or key employee listed in Form 990, Part VII, Section A </li></ul></ul></ul><ul><ul><ul><li>Substantial contributor </li></ul></ul></ul><ul><ul><ul><li>Related person (includes members of grant selection committee and employees of substantial contributors) </li></ul></ul></ul><ul><ul><li>Defines reasonable effort to obtain information </li></ul></ul>Form 990 Schedule L
  30. 30. <ul><li>Transactions with Interested Persons </li></ul><ul><ul><li>Part IV, Business Transactions Involving Interested Persons: </li></ul></ul><ul><ul><ul><li>Current or former officer, director, trustee, or key employee listed in Form 990, Part VII, Section A </li></ul></ul></ul><ul><ul><ul><li>Family members or 35% owned entities </li></ul></ul></ul><ul><ul><li>Defines reasonable effort to obtain information </li></ul></ul>Form 990 Schedule L
  31. 31. <ul><li>Noncash Contributions </li></ul><ul><ul><li>Organizations with more than $25,000 of noncash contributions or organizations receiving art, historical treasures, or conservation contributions </li></ul></ul><ul><ul><li>IRS is concerned about overvalued charitable deductions for noncash contributions </li></ul></ul><ul><ul><li>Final instructions clarify that donation of the use of facilities or services are not included </li></ul></ul><ul><ul><li>Form asks for quantity of items </li></ul></ul><ul><ul><ul><li>Excludes quantity of books and clothing and household items </li></ul></ul></ul>Form 990 Schedule M
  32. 32. <ul><li>Termination or Significant Disposition of Assets </li></ul><ul><ul><li>Organizations that cease operations or dispose of more than 25% of its assets </li></ul></ul><ul><ul><li>Can include sales to another exempt organization or a taxable entity, sales of assets by a partnership or joint venture in which the organization has an ownership interest, transfer of assets pursuant to a reorganization, or grant or charitable contribution of assets to another 501(c)(3) organization </li></ul></ul>Form 990 Schedule N
  33. 33. <ul><li>Supplemental Information </li></ul><ul><ul><li>Form to report additional information </li></ul></ul><ul><ul><li>Up to 2 pages to respond to each question or item </li></ul></ul><ul><ul><li>Up to 2 pages to provide other information not required by the form </li></ul></ul><ul><ul><li>Allows electronic filers the ability to provide supplemental explanations using a single attachment </li></ul></ul><ul><ul><li>Can be used to provide a statement explaining a late filing </li></ul></ul>Form 990 Schedule O
  34. 34. <ul><li>Related Organizations and Unrelated Partnerships </li></ul><ul><ul><li>Report disregarded entities and controlled taxable entities more than 50% owned </li></ul></ul><ul><ul><li>Report related tax-exempt organizations </li></ul></ul><ul><ul><li>Report unrelated partnerships with activity greater than 5% of the organization’s revenue or assets </li></ul></ul>Form 990 Schedule R
  35. 35. <ul><li>Related Organizations and Unrelated Partnerships </li></ul><ul><ul><li>Consolidates the reporting for the various relationships and complies with changes from the Pension Protection Act to report transfers with controlled entities </li></ul></ul><ul><ul><li>Threshold for reporting certain transactions with non-charitable organizations $50,000 </li></ul></ul>Form 990 Schedule R
  36. 36. What Steps Should Your Organization Take Now? <ul><li>Become familiar with the new form and its application to your organization </li></ul><ul><li>Review governance policies and procedures so that you can answer “yes” to important questions </li></ul><ul><ul><li>Conflict of interest policy, whistleblower policy, document retention/destruction </li></ul></ul><ul><ul><li>Independence standard for reporting of independent directors </li></ul></ul><ul><ul><li>Contemporaneous meeting minutes </li></ul></ul><ul><ul><li>Board review of Form 990 prior to filing </li></ul></ul>
  37. 37. What Steps Should Your Organization Take Now? <ul><li>Review compensation procedures relative to Schedule J </li></ul><ul><ul><li>Develop written policies regarding “perks” listed on question 1a </li></ul></ul><ul><ul><li>Affirm that proper substantiation procedures are followed for expense reimbursements </li></ul></ul><ul><ul><li>Procedures for review and approval of compensation – rebuttable presumption standard </li></ul></ul><ul><ul><li>Track former officer/director/key employee status and compensation for future reporting </li></ul></ul>
  38. 38. Now for the Fine Print… <ul><li>Absence of Federal Tax Penalty Protection </li></ul><ul><li>The Internal Revenue Service recently issued regulations that require written advice regarding tax matters to meet very detailed and comprehensive requirements before it can be relied upon by a taxpayer to avoid penalties that might apply if the tax benefits or results discussed in the document are disallowed. Compliance with these rigorous standards and requirements exceeds the scope of this engagement. Consequently, the analysis and advice contained in this document regarding federal tax matters is not intended to be used, and may not be relied upon by you, for the purpose of avoiding any federal tax penalty. </li></ul>
  39. 39. Carol LaLonde, CPA 750 Trade Center Way, Portage MI Phone #269-567-4587 Thank You!

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